Tag Archives: Saudi Arabia

.The NITC chief said his company has signed deals with foreign companies for leasing 35 tankers

.The US imported about 3 million barrels a day from OPEC last year

Saudi Arabia’s output cuts are just the beginning of a trend that is expected to last for months and years to come.

An implementation rate of 75% would be higher than the level OPEC typically achieved in the past.

Russian oil producers achieved a major milestone in 2016.

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

The market is waiting to see how the Opec cuts and US supply situation plays out.

Iran was the only country allowed to slightly boost output.

It was decided during the meeting that majority of members curtail production by a combined amount of 1.2 million barrels.

The average production of oil during the first 6 months of the year should stand at the established quota.